Feasibility Study Consultants
MMCG Feasibility Index Q2 2026
MMCG Invest is a national feasibility study consultancy preparing bankable feasibility studies for SBA 7(a) lenders, SBA 504 CDCs, USDA B&I and Community Facilities lenders, and the developers and borrowers they finance. Thirty plus asset classes. Nine to sixteen business days. Independent by mandate.
Whose Work Holds Under Underwriting
- OUR RESEARCH CITED BY -
Forbes · The Washington Post · The Independent · Commercial Observer · DHL · EHL · Seeking Alpha · Yahoo Finance · Placer.ai · Shopify · Wikipedia
THE FEASIBILITY STUDY CONSULTING PRACTICE IN NUMBERS
The work is measured in approved credit, funded projects, and feasibility frameworks carried forward.
$1.62B
Aggregate construction cost analyzed across funded engagements through Q1 2026.
$1.15B
Loan volume supported across SBA 7(a), SBA 504, USDA, and conventional programs.
30+
Commercial real estate asset classes with dedicated analytical frameworks and comparable sets.
9-16
Business days from signed engagement to credit committee ready deliverable as typical timeline.
Figures current through Q1 2026. Methodology and engagement roster available to qualified lenders on request.
- SELECTED REFERENCES -
LENDER CONFIDENCE
Reviewed and Referenced by SBA and USDA Program Lenders
MMCG feasibility reports are produced to the documentation standard required by SBA 7(a), SBA 504, USDA B and I, and USDA Community Facilities lenders. Loan officers and program specialists at chartered banks and non-bank rural lenders have reviewed sample reports, referenced MMCG for prospective borrowers, and engaged the firm directly on transactions.
"Michal just completed 3 feasibility studies for me in the car wash industry during the holidays and really came through for us when we needed it."
SBA 504 Feasibility Studies
Marie Askew
Senior Loan Officer
Live Oak Bank (SBA Lender)
"I have sent over the Feasibility Study to the loan officer. They stated that everything looks great. (...)"
USDA B&I Feasibility Study
Taylor Wyatt
Collateral Specialist
Business Alliance Financial Services
"Looks great, thank you!"
SBA 504 Feasibility Study
Keely Choy
Business Development Officer
Capital Access Group (CDC)
Engagement letters from MMCG are issued with a curated reference list of comparable prior assignments, selected to align with the borrower’s asset class, loan program requirements, including SBA 7(a), SBA 504, and USDA, as well as lender-specific underwriting criteria.
Two audiences. One standard of work.
FOR LENDERS AND CDCs
Studies underwriters can defend in committee.
MMCG Invest is a national feasibility study consultancy whose work aligns to SBA SOP 50 10 8 and USDA 7 CFR Part 5001. Every conclusion is cross-referenced, independently sourced, and stress-tested against the sensitivity bands a credit committee will request before approval.
The firm delivers fixed-fee engagements inside a published 9 to 16 business day timeline. Work is produced under USPAP discipline by principals who answer direct questions from the lender in person.
Preferred vendor relationships are available for national lenders and state CDCs with recurring SBA and USDA volume.
FOR BORROWERS AND DEVELOPERS
A feasibility study your lender already accepts.
MMCG studies have been prepared for 30+ asset classes, from limited-service hotels to rural manufacturing facilities, and are structured to the documentation standards SBA and USDA credit committees apply. Each is scoped to the capital decision a sponsor faces, not only what the lender requires.
The firm works on fixed fees with a 50 / 50 structure: half due at engagement, half on delivery. Clients speak directly with the principal authoring their study.
Market validation, DSCR sensitivity, and guidance on unit count, scale, site plan optimization, and equity adjustments are part of the firm's standard scope.
ASSET COVERAGE
Thirty plus asset classes, each with its own framework.
Every property type the firm analyzes through its feasibility studies has a dedicated demand model, competitive benchmarking framework, and financial modeling discipline calibrated to the standards and expectations of the relevant loan program.
Hospitality Hotels · Glamping · RV parks · Marinas · Housing & Care Multifamily · Assisted living · Retail · Gas stations with C-store · Truck Stops · Car washes · Restaurants · Wedding & Event venues · Industrial & Specialty · Self-storage · Mixed-use · Medical · Data centers · SBA Feasibility Study · USDA Feasibility Study
THE MMCG FEASIBILITY INDEX · Q2 2026
Analysis of 240 feasibility conclusions across SBA 7(a), SBA 504, and USDA B&I engagements shows cap-rate assumptions compressing 40 to 80 basis points faster than rent growth in three of five hospitality submarkets. Sensitivity bands under SOP 50 10 8 methodology now require materially tighter break-even occupancy than they did in 2024.
Michal Mohelsky, J.D.
Principal · Practicing Affiliate, Appraisal Institute
What lenders approved in Q2 2026, and why the underwriting math is tightening.
ANALYTICAL INSTRUMENTS
Every feasibility study is built on the top tier commercial data, and the solutions we engineer to close the gaps it leaves.
MMCG's feasibility consulting practice runs on the same commercial intelligence the institutional market relies on: CoStar, Moody’s, EagleView, IBISWorld, ArcGIS Business Analyst, and mobile location and foot-traffic data, held as standing subscriptions. Where those platforms reach their limits, the firm builds its own. The eight proprietary instruments below, public on mmcginvest.com and migrating to the MMCG Analytics platform at launch, are the tools MMCG engineered to carry an analysis past the point where licensed data stops, to a feasibility conclusion a lender can act on.
U.S. Seismic Hazard & Earthquake Risk Map · U.S. Multi-Hazard Wind Risk Map · FEMA Flood Zone & National Wetlands Inventory Map · USDA Rural Development Eligibility Map · Multi-Program SBA/USDA Loan Comparison · USDA B&I Loan Calculator · U.S. Seaports & Logistics Infrastructure Map · U.S. Oil Infrastructure Map
Research from the feasibility practice.
In-depth analysis on commercial real estate feasibility, SBA and USDA lending, and the asset classes the firm studies most. Each piece is written by the analysts who prepare MMCG's feasibility studies, drawn from active engagements and the firm's market database.
Frequently Asked Questions
1. How much does a commercial feasibility study cost?
Pricing depends on asset class, loan program, and analytical scope. Industry-wide, smaller projects typically range from $4,900 (or lower) to $15,000, mid-sized projects from $15,000 to $50,000, and large or complex developments from $50,000 upward. MMCG works on a fixed-fee basis, scoped to your specific project and program after a complimentary preliminary review, so there are no open-ended hourly charges. Every engagement begins at a defined fee floor with a transparent quote before work commences.
2. Will my lender accept your feasibility study?
Yes. MMCG studies are prepared to satisfy SBA, USDA, and conventional lender requirements, and our engagements carry a contractual acceptance commitment. SBA engagements are produced to meet current Standard Operating Procedure (SOP 50 10) guidance, and USDA engagements are produced to meet Rural Development requirements, including the analytical standards set out in the RD regulatory framework. Each study is produced in accordance with the Uniform Standards of Professional Appraisal Practice (USPAP) under the direction of a practicing affiliate of the Appraisal Institute. The result is an independent, third-party analysis built to withstand credit committee, agency, and quality-control review.
3. How long does a feasibility study take?
Timelines are calibrated to program requirements and project complexity. Most studies are typically delivered within 9 to 16 business days. More complex engagements, particularly USDA studies, may require additional time to accommodate the deeper sensitivity and stress-testing the agency framework demands. Expedited delivery is available for time-sensitive transactions through prioritized resource allocation, without compromising analytical rigor.
4. How do I choose the right feasibility study consultant or firm?
We recommend evaluating five criteria. First, genuine third-party independence, with no ownership, brokerage, or financing interest in the project. Second, recognized credentials, ideally Appraisal Institute affiliation and USPAP-compliant methodology. Third, demonstrated fluency in the specific program framework, whether SBA SOP guidance or USDA regulatory requirements. Fourth, named, licensed data sources rather than vague references to "industry reports." Fifth, a verifiable record of lender and agency acceptance. A credible firm will speak precisely to all five.
5. What components does your feasibility study include?
Every MMCG feasibility study examines a project across four dimensions: economic, market, technical, and financial feasibility.
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Economic feasibility evaluates the site's foundational viability: location, zoning and entitlements, utilities and infrastructure, access by road, rail, and air, usable site area, and labor availability.
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Market feasibility assesses demand within the trade area. We analyze pricing, occupancy and utilization, unit or site mix, and seasonality to estimate revenue potential and market penetration. A demand analysis establishes the need for the proposed use, and a competitor assessment across existing, planned, and under-construction properties establishes the subject's competitive positioning and informs revenue projections.
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Technical and cost feasibility tests projected project costs against the Marshall & Swift Replacement Cost Guide and the Net Present Value conclusions from the discounted cash flow analysis, with final figures reconciled to general contractor and developer bids.
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Financial feasibility delivers the full quantitative case: a 10-year pro forma built on market-indicated operating expenses, NPV and IRR on a leveraged and unleveraged basis across 3, 5, 7, and 10-year holds, annual DSCR across all 10 years, and Return on Equity. Sensitivity analysis stresses occupancy and revenue at 5, 10, 15, and 20 percent reductions, and a break-even analysis re-runs the NPV, IRR, DSCR, and ROE conclusions at the break-even threshold.
Request Feasibility Study Proposal
Engagements are led by Michal Mohelsky, J.D., Practicing Affiliate of the Appraisal Institute. Feasibility studies are prepared under USPAP discipline, aligned with SBA SOP 50 10 8 for 7(a) and 504 loans and with 7 CFR Part 5001, Appendix A to Subpart D for USDA Business and Industry, REAP, and Community Facilities financing. Engagements start at $4,900 with fixed-fee scoping. Standard delivery is 9 to 16 business days, with rush turnaround available from 5 days. A senior analyst responds to proposal requests within 12 business hours from the firm's San Francisco office at 27 Maiden Lane, Suite 625.